Hit Frequency
Hit frequency tells you how often a slot produces a winning combination on any given spin. It's usually expressed as a percentage. A slot with a 30% hit frequency pays out roughly once every three spins on average.
High hit frequency doesn't mean you're going to make money. Many of those "wins" are actually less than your bet. Spin $1, win back $0.40. The slot registers it as a win, but your balance still went down. This is something slot providers use to keep you engaged without actually paying you more.
Where hit frequency really matters is in your session planning. A 20% hit frequency slot will have longer dry streaks than a 35% one, meaning you need a bigger bankroll to survive the gaps between payouts. If you care about staying in the game, look at hit frequency alongside variance. They paint the full picture together.